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In Which U.S. Cities Should You Buy Rather Than Rent? Here Are The Top 5

[fa icon="calendar"] May 19, 2017 2:52:03 PM / by Eustis Mortgage

Eustis Mortgage

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Throughout the United States, many people believe that renting is significantly cheaper than owning a house. This is actually only true in some select cities—meaning you could be paying more for a temporary lease than you would for reaping the long-term financial benefits of homeownership!

To find the top places where owning a home is cheaper than renting, financial research firm SmartAsset recorded rent and mortgage data in the 100 largest metro areas throughout the country. Here are the top 5 cities where owning is cheaper than renting:

  1. Little Rock, Arkansas

Average monthly mortgage payment: $496

Average monthly rent payment: $1,146

Money saved by buying: $650/month

  1. New Orleans, Louisiana

            Average monthly mortgage payment: $648

            Average monthly rent payment: $1,276

            Money saved by buying: $628/month

  1. Gary, Indiana

Average monthly mortgage payment: $558

Average monthly rent payment: $1,136

Money saved by buying: $578/month

  1. Baton Rouge, Louisiana

Average monthly mortgage payment: $561

Average monthly rent payment: $1,127

Money saved by buying: $566/month

  1. Greenville, South Carolina

Average monthly mortgage payment: $485

Average monthly rent payment: $1,008

Money saved by buying: $523/month

 

Of course, these numbers are based on current market averages, so it’s important to compare market prices yourself or with a local lender prior to making your decision. If you’re looking to switch from paying monthly rental fees to periodic mortgage payments to save some extra cash, or would like to learn more about the mortgage process in general, contact one of our mortgage specialists today—we have officers listed in 3 of these 5 locations!

Topics: mortgage news, buying vs. renting

Eustis Mortgage

Written by Eustis Mortgage

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